US financial news | Summary news 24 September
US Business News: Latest Updates
Headlines: Sunday 24 September 2023
- Gas price surge in California slows, average $5.82 per gallon
- Federal Reserve announced no change to interest rates after meeting on Wednesday
- UAW leadership called on workers at 38 GM and Stellantis plants to go on strike after negotiations stalled with corporate executives.
- SNAP benefits to increase in October
- 2024 Social Security COLAlikely to be far lowerthan the increase seen in 2023
- Various locations of major banks will close across the country next year
Read more from AS USA:
The Social Security Administration (SSA) sends monthly payments to millions of beneficiaries, including retired workers and survivors. Survivors include children, spouses, widows, widowers, or parents of any deceased beneficiary.
The SSA also sends out on a monthly basis disability benefits, such as Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).
As 2023 ends, the SSA has already shared the next year’s benefits payment schedule. Here is an explanation of the schedule and issuing dates month by month in 2024.
The level of financial assistance in the form of direct payments has diminished but not completely.
The 2024 COLA for Social Security will be announced in October. Here is our best estimate for the exact date.
As bank customers move online and make fewer trips to their local branches, many national financial institutions are closing down locations. This is not a new trend. Insider Intelligence reported that between 2017 and 2021, nine percent of all branches — around 7,000 locations— shut their doors.
The branches currently being shut are typically found in cities where another location exists, leaving customers with an office in case they require in-person assistance. For example, Bank of America is closing a branch in San Marcos, Los Angeles, and Anaheim, all home to additional locations.
For the locations set to close in October, check out our full coverage.
Gas prices today, September 24 in California by county: what's the average price near me?
The surge in gas prices in California continues, filling up with regular is up over 50 cents per gallon from a month ago.
Here’s the average cost per gallon for each county in the Golden State.
Every year, the US Department of Agriculture (USDA) raises the monthly payments sent out to beneficiaries of the Supplemental Nutrition Assistance Program (SNAP), one of the country’s largest social assistance programs, previously known as food stamps.
This increase is part of a program of cost-of-living adjustments (COLAs) designed to ensure that SNAP benefits keep pace with inflation. According to the Bureau of Labor Statistics (BLS), grocery prices have increased three percent over the last year.
Read our full coverage for details on how much the value of SNAP benefits will increase starting in October.
As e-commerce brings a greater number of Target customers online, the chain has decided to close various locations this year.
As interest rates for 15-and-30-year fixed mortgages sit at the highest level in over two decades, housing market experts Realtor.com report that the first week of October could be the best week 2023 to buy a home. Critically, the week identified (1-7 October) is not particularly good because of the current market conditions. Rather, this week was identified by looking at housing market data over the last decade.
After the summer months, more houses are often put on the market, giving buyers more options and fewer competitors when making an offer. Realtor.com estimates that those purchasing a house during the first week of October can save around $15,000 relative to the week when buyers pay the highest prices.
Read our full coverage for details on why current market conditions could undermine this trend.
Following Netflix and Disney+, Amazon Prime Video has announced that those who do not upgrade their membership plan will begin to be served ads next year. Until now, the basic Prime membership has allowed for an ad-free streaming experience, a benefit that many who use the platform enjoy.
Read our full coverage for details on when and where the change will be implemented.
The Biden administration announced prior to that decision that federal student loan repayments would be begin again starting 1 October after reaching an agreement with Republican leaders in the House. Interest on loans began to accrue again starting 1 September, like repayments it had been frozen since March 2020.
However, many are wondering now that a government shutdown looms and is looking highly likely to happen, also on 1 October, what does that mean for student loan repayments?
It looks more than likely that the United States government will shutdown on 1 October. Both parties agree that the fault lies with Speaker of the House Kevin McCarthy who has been unable to corral members of his Republican party to pass the necessary legislation to keep the lights on.
Without legislation signed by President Biden by 30 September to approve or extend funding for the federal government there will be a shutdown at midnight. Hundreds of thousands of federal employees would be furloughed, not getting a paycheck until Congress can pass a funding bill. And many of the essential workers who would be required to go to work would have to do so without pay.
But not everyone will have to tap into savings to keep paying their bills...
What’s happening right now in Congress is very simple. Republicans, unable to pass their extreme and unpopular MAGA agenda, are pushing us toward a government shutdown that will hurt American families. They can’t govern.
Congress is barreling towards a government shutdown with the GOP House majority unable to pass a bill to fund the government.
Past shutdowns give us an idea of how damaging another one could be.
Welcome to AS USA's live financial blog!
We'll be bring you on all the financial news affecting US consumers from inflation and the Federal Reserves efforts to lower it to labor strikes and rising energy prices.
As well as updates on government programs to provide financial relief to Americans.